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Roll up to the amazing Flying Budget as it sours ever higher!

Games cost: Brown to reveal £9bn bill | Uk News | News | Telegraph

The Government was warned about the soaring costs of the London Olympics 18 months ago, confidential documents reveal.

Gordon Brown and Tessa Jowell were told in October 2005 - just three months after London's successful bid - that VAT would hugely increase the cost of staging the Games in the capital in 2012. The Chancellor and the Culture Secretary were also warned that security costs and contingency funds would make the bill spiral further.

The Government originally said that the Games would cost just £2.4 billion. But it was not until November 2006 that Mr Brown publicly admitted that a VAT bill of £1 billion had not been taken into account and it emerged that contingency funds could take the total bill to over £5 billion.

It can also be revealed, however, that this week the Chancellor will be forced to admit that the revised budget for the Games has rocketed to at least £9 billion

It was only £8 Billion last month, plenty of time for more more more before the final reckoning comes in. Fun for all the family to guess the final figure on the fund raising thermometer outside No 11.

And the band strikes up...

Hooray and up she rises
Hooray and up she rises
Hooray and up she rises
Early in the morning.

Comments

I've said before that I think the final price tag will be in the £20 billion region. Nothing I have read recently has caused me to revise this figure downwards.

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